Tax Compliance Services
Our tax compliance service generally refers to the “preparation of original and amended tax returns, claims for refund and tax payment-planning services.” As tax jurisdictions continue to search for revenue sources, the compliance process has become increasingly more difficult and time consuming. The combination of changing tax laws and enhanced penalties for failure to meet the new laws has forced individuals and companies to place greater resources and emphasis on tax professionals. To help clients with the many new and/or expanded tax laws, TCS provides fully comprehensive tax compliance services. Our experience in tax compliance includes many years of preparing returns for both individuals and businesses, simple or complex, large and small. Our expertise includes assisting clients in a wide range of industries and professional service areas such as retail, small business start-ups, real estate ventures, telecommunications, banking, manufacturing, etc.
Our Compliance Approach
As part of our compliance process, for “closed fact” tax planning issues we use the following three step process:
Legislative Law – We review legislative law. This includes review of tax statutes passed by Congress, and if necessary, its legislative history which may include committee and conference reports, predecessor statutes, statements made in floor debates, earlier versions of the bill and the fact of their change, comments bill sponsors make upon introduction of the bill, etc. We carefully select the extent and depth of legislative law research based on your facts and the tax issue under review.
Administrative Law – We review administrative law, the IRS position on tax law to fully understand the IRS position on your tax issue. The IRS has provided in the past years anywhere from 10-20 different types and forms of guidance. Examples of the different types and forms of guidance we may review include Treas. Reg., Rev. Rulings, Rev. Procedures, Notices and Announcements, Private letter rulings, Technical Advice Memorandums, General Counsel Memoranda, Chief Counsel Advice, Determination Letters, etc.
Judicial Law – We then carefully examine judicial law where a taxpayer has challenged the IRS. We review the usefulness of tax holdings from other tax cases by applying, if possible, the holding to your facts. This is known as analogical legal reasoning. We review Tax Court, District Court, Court of Federal Claims, and Supreme Court rulings to determine the applicable rules and doctrines under judicial tax law.
Types of Tax Returns Prepared
Individuals – We prepare all of the required individual tax returns and additional forms required for our clients. This includes form 1040, schedules A, B, C, D, E, etc. and the many any additional forms required. As part of the compliance process we review prior year tax returns to better understand the tax issues relevant for our clients.
Regular Corporations – We prepare all the required corporate tax returns including any additional statements that need to be added to the tax return. As part of the compliance process we review prior year tax returns to better understand the tax issues relevant for our clients.
Pass through Corporations – We prepare all the required corporate tax returns including any additional statements that need to be added to the tax return. As part of the compliance process we review prior year tax returns to better understand the tax issues relevant for our clients.
Limited Liability Company’s – We prepare all the required LLC tax returns including any additional statements that need to be added to the tax return. As part of the compliance process we review prior year tax returns to better understand the tax issues relevant for our clients.
Partnerships – We prepare all the required partnership tax returns including any additional statements that need to be added to the tax return. As part of the compliance process we review prior year tax returns to better understand the tax issues relevant for our clients.
State Tax Returns – We prepare all the required state tax returns including any additional statements that need to be added to the tax return. As part of the compliance process we review prior year tax returns to better understand the tax issues relevant for our clients.
In-addition, we prepare tax returns required for foreign individuals and companies that are required to file a U.S. tax return including U.S. informational controlled foreign corporation tax returns. Many of these tax returns deal with complex foreign and U.S. tax issues including repatriation rules, subpart F inclusions, PFIC, PE rules, etc.
Our Tax Compliance Approach
Tax Preparation Software and Tools – We use state of the art tax preparation software and tools. We create a detailed work plan with descriptions and dates for your deliverables, where we agree on the steps required for your involvement and review. We use electronic work papers using multiple income tax compliance platforms depending on your needs, and work closely with each and every client to ensure the accuracy and the timely filing of all tax returns.
Let us help lift your tax compliance burden with the tax experience needed to lower your compliance costs and through our expertise lower your tax return liability.
Contact us and let us work with you!
